Answered: You inherit a parcel of land that was…

You inherit a parcel of land that was purchased for $30; 000 in 1960. The value of the land increased by approximately 5% per year. Determine the value of the land in 1985.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 85P

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You inherit a parcel of land that was purchased for $30; 000 in 1960. The value of the land increased by approximately 5% per year. Determine the value of the land in 1985. (Include dollar sign; do not include commas)

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